The executives of eight major crypto firms will testify at a US Congress hearing on December 8, set to face tough questions on the sector
The bosses of eight major cryptocurrency agencies have been called to testify before a US congressional committee on the 8th of December. Among those called to appear include Coinbase’s Alesia Haas, Circle’s Jeremy Allaire and Bitfury’s Brian Brooks.
It will be the first time agencies representing the controversial sector have been questioned in this particular way, following American politicians across the political spectrum calling for more regulation on crypto.
Elizabeth Warren on the left of the Democratic Party has called for tougher regulation of the sector and Donald Trump has described crypto-currencies as “a scam”.
Mr Brooks, an executive of Bitfury previously served as a top banking regulator under the Trump administration and had a role in policy-making around cryptocurrencies.
Digital coins are not traditional currencies in the traditional sense, however they can sometimes be used to make payments. They are stored online in a “digital wallet” and act more like an investment often carried with a high degree of volatility.
The anonymity of paying using crypto means they have been favoured for criminal activities such as drug dealing, money laundering and ransomware attacks. However their supporters say the view that they are predominantly for circumventing the law is outdated and that innovation in this area offers huge potential.
Countries around the world have taken radically different approaches to crypto, with nations like El Salvador embracing it – making it legal tender – and others like China imposing bans.
China has declared crypto-currency transactions illegal, a move India looks set to follow. Many other central banks are eyeing the sector warily and discussing regulation.
